Understanding the New TCS Rules and its Impact on International Transactions Using Credit Cards
Representative Image, Courtesy: Emil Kalibradov, Unsplash The Economic Affairs Department of the Ministry of Finance issued a Gazette notification on 16 May 2023 announcing amendments in the Foreign Exchange Management Act (FEMA) rules. These amendments brings the overseas spending done with the help of Credit Cards under RBI’s Liberalized Remittances Scheme (LRS). This meant that […]
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